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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London close: Upbeat global economic data lifts London markets Reports that the ECB might expand its programme of asset purchases to include corporate bonds helped London traders to shrug off dismal UK borrowing figures on Tuesday.
The FTSE 100 Index closed 105.26 points up at 6372.33 as the US earnings season began positively and a fall in Chinese gross domestic product came in less severe than expected.
The European Central Bank is considering widening asset purchases to include corporate bonds in an effort to boost business lending, Reuters reported.
The news helped to offset dismay in the UK, where public sector net borrowing excluding public sector banks from April to September 2014 was £58bn, up £5.4bn compared with the same period in 2013/14.
The monthly borrowing figure was £11.8bn in September 2014 against expectations of £10.2bn and up £1.6bn against September 2013.
Martin Beck, senior economic advisor to respected economic forecaster the EY Item Club, said: "Overall deficit reduction has not just stalled, but started to go into reverse."
In company news, fashion retailer Asos brushed off recent setbacks with a 316p bounce to 2260p after unveiling better-than-expected annual profits.
Engineer GKN ratcheted up 11p to 313p after reporting higher third quarter profit but pointing to modestly lower growth for the rest of the year.
Household goods maker Reckitt Benckiser was near the top of the Footsie fallers with a 105p loss to 5010p after missing analysts estimates slightly in its third quarter due to continuing currency headwinds.
Investors climbed aboard rail and bus group Go-Ahead by 56p to 2502p despite saying its regional bus passenger numbers were unchanged, although revenue was up on the back of contract income.
Travel stocks rose as investors welcomed a relative lack of negative news on the Ebola virus. TUI Travel ascended 16.5p to 365.7p and cruise operator Carnival floated 101p higher to 2347p. |
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| | Market Movers
techMARK 2,642.34 +1.16%
FTSE 100 6,372.33 +1.68%
FTSE 250 15,024.97 +1.82% FTSE 100 - Risers
TUI Travel (TT.) 365.70p +4.73%
Carnival (CCL) 2,347.00p +4.50%
Ashtead Group (AHT) 976.50p +4.27%
Weir Group (WEIR) 2,291.00p +4.14%
WPP (WPP) 1,171.00p +4.00%
Dixons Carphone (DC.) 366.60p +3.82%
Tesco (TSCO) 185.90p +3.68%
GKN (GKN) 313.00p +3.64%
BG Group (BG.) 1,061.50p +3.61%
Tullow Oil (TLW) 526.50p +3.54%
FTSE 100 - Fallers
ARM Holdings (ARM) 806.00p -5.34%
Reckitt Benckiser Group (RB.) 5,010.00p -2.05%
Rolls-Royce Holdings (RR.) 803.00p -1.83%
Whitbread (WTB) 4,200.00p -0.66%
United Utilities Group (UU.) 824.00p -0.06%
FTSE 250 - Risers
Informa (INF) 479.00p +7.02%
Thomas Cook Group (TCG) 117.80p +6.99%
Mitchells & Butlers (MAB) 353.40p +6.32%
Home Retail Group (HOME) 175.60p +5.91%
Ophir Energy (OPHR) 201.00p +5.79%
Crest Nicholson Holdings (CRST) 329.40p +5.75%
Fenner (FENR) 308.10p +5.73%
Oxford Instruments (OXIG) 1,078.00p +5.38%
JD Sports Fashion (JD.) 439.00p +5.20%
Debenhams (DEB) 61.80p +5.19%
FTSE 250 - Fallers
Kazakhmys (KAZ) 243.50p -3.37%
Ferrexpo (FXPO) 88.90p -2.79%
Stock Spirits Group (STCK) 303.00p -1.59%
BH Macro Ltd. GBP Shares (BHMG) 1,988.00p -1.34%
Foxtons Group (FOXT) 197.00p -1.25%
Essentra (ESNT) 665.50p -1.19%
Supergroup (SGP) 1,029.00p -0.96%
CSR (CSR) 843.00p -0.94%
Daejan Holdings (DJAN) 4,841.00p -0.90% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks rise on reports of ECB bond buying European stocks surged on Tuesday on the back of reports indicating that the European Central Bank may expand its programme of asset purchases to include corporate bonds and following the release of slightly stronger-than-expected economic data overnight in China. At 7.3% the year-on-year rate of economic growth out in China printed slightly above economists’ forecasts. Nevertheless, analysts were divided, with some highlighting the fact that the figures mark the slowest rate of expansion in five years. The Dax finished higher by 1.94%, while out on the periphery the FTSE Mibtel ended the day with a gain of 2.79%. Madrid’s Ibex 35, a relative laggard in the early going, had also picked up steam by the finish to rise by 2.39%. Better-than-expected results out from tech heavyweight Apple overnight also contributed to improved market sentiment as well. The tech giant’s shares ended the after-hours session on Wall Street up by 1.5%. Commenting on the company’s figures, Morgan Stanley said in a research note: “We see strong iPhone demand, gross margin expansion, and under-ownership driving upside to shares. Results and guidance were better than expected despite FX headwinds pressuring estimates across large-cap tech.” The US broker upped its price target on the stock to $115 per share from $110 previously. Total steady despite losing its chief Shares of Total gained 3.46% to €42.92. The French oil major's chairman and chief executive officer, Christophe de Margerie, died overnight in Moscow. The jet in which he was travelling crashed into a snowplough while manoeuvring for take-off at Moscow's Vnukovo airport with low visibility. Swiss drug-maker Actelion raised its full-year forecast again, lifting its expected rate of growth for earnings per share to a low-20s percentage point range at constant exchange rates. Mortgage lender Swedbank posted third-quarter net income and net interest income that surpassed analysts’ estimates. From a sector standpoint the best performance on the DJ Stoxx 600 was to be seen in the following industrial groups: Oil and gas (3.41%), Banks (2.85%) and Media (2.77%). Money supply growth picks up slightly in Switzerland Swiss money supply grew at a 3.4% year-on-year pace in September, versus the previous month’s figure of 3.3%. Crude moves higher The euro/dollar was slipping 0.57% to 1.2726. Front-month Brent crude futures were higher by 0.663% to $85.97 per barrel out on the ICE. |
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| | US Market Report | | US open: Markets rise sharply on ECB bond moves US markets advanced for the fourth consecutive session on Tuesday, with investors speculating that the European Central Bank (ECB) might boost economic stimulus, while Apple drove the benchmarks forward after strong results.
At 10:37 New York time, the S&P 500 gained 1.10% to 1,924.96 points, while the Dow Jones Industrial Average rose 0.44% to 16,472.13 and the Nasdaq Composite jumped 1.45% to 4,378.49.
Following what some analysts described as a 'bloodbath' for hedge-funds over the last few weeks the latter may be about to get what they most wanted, more easing measures from the ECB. At the time of writing the reports are still a tad mixed but investors do seem nevertheless to be lending them some credence.
In any case, the 'fact' remains that someone in Frankfurt, where the ECB is headquartered, seems to be talking about possibly extending the ECB's asset purchase programme to cover corporate bonds.
Meanwhile, sales of existing homes rose 2.4% in September to a seasonally adjusted annual rate of 5.17m, growing at the fastest pace in the last 12 months and coming back from an unexpected drop in August.
The reading was largely in line with analysts' expectations that had forecast the sales rate to increase from 5.05m to 5.1m but, according to figures released by the National Association of Realtors, September's pace of sales fell 1.7% year-on-year.
Apple rose early on after reporting a 13% rise in profit after the bell on Monday, boosted by strong demand for its new bigger-screen iPhones, as the California-based technology giant exceeded analysts' expectations.
Morgan Stanley lifted its price target on Apple from $110 to $115, as analysts at the investment bank predicted that increasing iPhone demand and gross margin expansion will drive the share price up even further.
Travelers Cos and United Technologies both rose marginally after posting results, while McDonald's shares slid after the fast-food giant saw its profit drop by 30% in the third quarter.
Coca-Cola fell sharply after the company's revenue dropped and the soft-drinks producer warned it had lowered its long-term revenue target and announced it did not expect to meet its earnings view.
Chipotle Mexican Grill shares dropped sharply after the firm warned sales growth might slow, despite reporting better than expected earnings late on Monday, while Yahoo edged forward ahead of its results, which are due after the bell on Tuesday.
The dollar rose slightly against the pound and more significantly against the euro but dropped back against the yen.
West Texas intermediate crude rebounded after a couple of negative sessions, gaining about one percentage point and trading at just under $83 a barrel, while gold futures edged forward to $1,251.90. |
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| | Broker Tips | | Broker tips: Shire, ARM Holdings, Transport, Real estate Panmure Gordon chose to reiterate its 'buy' recommendation on Shire even though the $54bn pursuit by Abbvie is now officially over, highlighting an "opportunity" for investors to pick up shares after recent falls.
Analyst Savvas Neophytou said that the company's rare diseases business still remains "an attractive asset" and that Shire will have "multiple suitors". Allergan and Glaxosmithkline could be potential bidders for Shire's portfolio, he said.
Liberum has kept a 'sell' rating on shares of chip designer ARM Holdings despite a "broadly in-line" third quarter, saying that future prospects are likely to be held back by a slowdown in its end-markets.
While ARM said it remains on track to hit full-year forecasts and painted an upbeat picture for the fourth quarter, Liberum reiterated its negative outlook: "While licensing continues to be strong for the company, we expect royalty growth to disappoint as smartphone and tablet growth continues to slowdown."
Broker Shore Capital welcomed transport group Go-Ahead's latest update but said it was keener on rival Stagecoach.
Shore said it remained a firm supporter of Go-Ahead and its strategy, but it said that it believed there was better value elsewhere in the sector, given the lack of rail franchise news likely in the near term.
Credit Suisse has highlighted an "attractive entry point" for potential investors of Rightmove and Zoopla, downplaying concerns about the threat to the UK estate agent portal industry from newcomer Agents' Mutual. | | |
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